Short Interest in Matrix Service Company (NASDAQ:MTRX) Expands By 47.6%

Matrix Service Company (NASDAQ:MTRX) was the recipient of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 699,818 shares, an increase of 47.6% from the February 26th total of 474,060 shares. Based on an average trading volume of 245,138 shares, the short-interest ratio is presently 2.9 days. Approximately 2.6% of the company’s shares are short sold.

Wall Street Analyst Weigh In

MTRX has been the subject of a number of research reports. Northland Securities set a $24.00 target price on Matrix Service in a report on Wednesday, February 11th. DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of Matrix Service in a report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Matrix Service in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Transactions at Matrix Service

In other Matrix Service news, VP Nancy E. Austin sold 4,193 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $11.29, for a total transaction of $47,338.97. Following the completion of the sale, the vice president directly owned 106,138 shares in the company, valued at $1,198,298.02. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Matrix Service

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP acquired a new position in shares of Matrix Service in the third quarter worth about $28,000. BNP Paribas Financial Markets grew its stake in Matrix Service by 68.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock valued at $34,000 after purchasing an additional 1,032 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Matrix Service by 133.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock valued at $45,000 after purchasing an additional 1,893 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Matrix Service during the 3rd quarter worth approximately $67,000. Finally, Daytona Street Capital LLC purchased a new stake in Matrix Service during the 4th quarter worth approximately $78,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

Matrix Service Stock Up 0.4%

Shares of MTRX traded up $0.04 during mid-day trading on Friday, reaching $11.39. 200,381 shares of the stock traded hands, compared to its average volume of 412,761. The stock has a fifty day simple moving average of $11.80 and a 200 day simple moving average of $12.34. Matrix Service has a 12-month low of $9.33 and a 12-month high of $16.10. The firm has a market cap of $320.40 million, a price-to-earnings ratio of -16.75, a P/E/G ratio of 2.63 and a beta of 0.97.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings results on Wednesday, February 4th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). Matrix Service had a negative net margin of 2.30% and a negative return on equity of 8.56%. The firm had revenue of $210.51 million for the quarter, compared to analyst estimates of $215.42 million. On average, equities research analysts expect that Matrix Service will post -0.26 earnings per share for the current fiscal year.

About Matrix Service

Matrix Service Company (NASDAQ: MTRX) is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company’s service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.